africa Fish Food Mozambique

Mozambique wants scandal-plagued tuna company to fish again

Approximate reading time: 1 minute

The Mozambique government wants its state-owned tuna harvesting firm Empresa Mocambicana de Atum (Ematum) to return to harvesting tuna after a six-year absence during which the company has been mired in scandal.

According to the news site Macau Hub, the government has been in consultations to put the company’s 30-vessel fleet back to sea.

In 2018, Mozambique’s state prosecutor launched legal proceedings against managers of state-owned companies at the heart of a multi-billion dollar debt scandal, which included Ematum. Three firms reportedly controlled by Mozambique’s intelligence service hid some $2 billion of state-backed loans.

Around a quarter of the loans, taken out in 2013 and 2014, cannot be accounted for, even after an inquiry by international investigator Kroll. $500 million of $850m in loans to Ematum, for the purpose of setting up a state-owned tuna fishing fleet, could not be accounted for, the prosecutor alleged.

Source: Undercurrent News

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.